There are two places where we see this as an issue.
One is, as I mentioned, land acquisition. In the Lower Mainland, there's a tremendous shortage of industrial land required to facilitate growth of our trade. Our borrowing limit was set in 2008 when the Lower Mainland port authorities were merged. Since then, our earnings and our financial position have more than doubled in a positive direction, yet our borrowing limit remains the same. We're trying to buy land and secure it for Canada's trade with that same borrowing cap. One of the things we're recommending in the port modernization review is that our borrowing limit be tied to EBITDA, as a multiple of EBITDA, which would effectively double the limit.
The second thing that is a constraint is in terms of major terminal development. For example, right now we're pursuing a major terminal development, and in order for us to be able to go out to market, to infrastructure developers, we need to show that we have the borrowing capacity to move forward with the project. Otherwise, we won't get a competitive bid process. The effect of that not happening is basically delaying, potentially, a $3-billion terminal investment by an additional two years.